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Validating, ratifying, confirming, and approving contracts, scrip warrants and time warrants and refunding bonds authorized by counties or cities, including home-rule cities, or towns; validating, ratifying, confirming, and approving refunding bonds issued for the purpose of refunding time warrants and all proceedings, governmental acts, orders, ordinances, resolutions, and other instruments relating to the issuance of refunding bonds for such purposes of counties, cities, including home-rule cities and towns; providing that this Act shall not apply to any contract, scrip warrants, time warrants, or to any refunding bond proceedings, governmental acts, orders, resolutions, or other instruments, or bonds executed or issued by any county with a population in excess of 350,000, accoridng to the last preceding federal census, or any contract, scrip warrant, time warrant, or any refunding bond proceedings, governmental acts, orders, ordinances, resolutions, or other instruments, or bonds, the validity of which is now involved in litigation if the question is ultimately determined against the validity thereof.